If only there were a way to educate kids without sending them to private school

by Anonymous 2 days ago

The only thing I'll fight you on is the snowball method. It's not necessarily the cheapest option but it plays into the mental aspect. You have to think about how these people got into debt in the first place. Everything they did were objectively terrible decisions but in bite sized chunks of spending they could justify it to themselves. So you reverse that, by paying off debt in bite sized chunks and closing smaller limit cards, and seeing "progress" by closing cards, their progress feels more palpable. Which statistically leads to better outcomes in paying off debt. You can look at debt in a rational way, count the dollars and cents, and preach all day about how to be financially secure, but if you don't account for human nature then you may as well throw your hands up. You have to work with the mind of the type of person who gets themselves in this type of debt to begin with.

by Efficient-Box 2 days ago

This is unpopular to me because I have no clue who this guy is.

by Pitiful-Meet6986 2 days ago

He does get some things right. He acknowledges that money is a very emotional thing; there are certainly better mathematical ways of handling money, but they often ignore the emotional component of money that maybe have. There are significant portions of his financial steps I disagree with, but if you can follow his baby steps you will be successful. If this is what works for someone, they could certainly do worse.

by millermaia 2 days ago

Private school is a dumb, dumb idea. If you have that kind of money use it to set a child up in other ways. Then reinforce that child's learning in public schools. If you can don't let them slack over summer. On the other hand if you ment pay for prek or babysitting. Yes.

by Alarming_Swan3009 2 days ago

I don't disagree with most of what you said, however I think this: Another thing Dave gets wrong is saying "kids are cheap" and he often says it's ok when couples have babies before an emergency fund is saved and debt is paid off. Is driven by Dave being religious and not an actual financial advice, which I agree, is wrong. Kids ARE EXPENSIVE AF.

by TechnologyWide 2 days ago